OECD Working Papers on Finance, Insurance and Private Pensions

Selected studies on finance, insurance and private pensions policy prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The studies provide timely analysis and background on industry developments, structural issues, and public policy in the financial sector. Topics include risk management, governance, investments, benefit protection, and financial education. Previous papers addressing these policy issues are available via http://dx.doi.org/10.1787/19936397.


Framework for the Development of Financial Literacy Baseline Surveys

A First International Comparative Analysis

There is growing concern, across a wide range of countries, about the levels of financial capability of consumers. A large number of initiatives are therefore being developed to address this issue; and countries are increasingly rolling out national strategies on financial capability. To do this effectively requires evidence on the areas where financial capability in the population is low and an identification of the extent to which these should be addressed by financial education and/or consumer protection measures. Yet there is remarkably little robust information in this area and none that is comparable across countries. This report is aimed at informing the work of the OECD International Network on Financial Education (INFE) in this field, by 1) elaborating a set of draft good practice guidelines for the design of national financial literacy surveys and; 2) proposing guidelines for the design of a core set of good practice questions for embedding within any national surveys aimed at measuring financial literacy levels.


Keywords: financial literacy, spending, financial capability, financial education, financial literacy survey, consumer protection, budgets, financial planning, saving
JEL: D92: Microeconomics / Micro-Based Behavioral Economics / Intertemporal Firm Choice, Investment, Capacity, and Financing; C83: Mathematical and Quantitative Methods / Data Collection and Data Estimation Methodology; Computer Programs / Survey Methods; Sampling Methods; D14: Microeconomics / Household Behavior and Family Economics / Household Saving; Personal Finance; I22: Health, Education, and Welfare / Education and Research Institutions / Educational Finance; Financial Aid; D18: Microeconomics / Household Behavior and Family Economics / Consumer Protection; D91: Microeconomics / Micro-Based Behavioral Economics / Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
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